Spend and expense management for higher education

Who’s buying what, and when? There’s a more transparent way to manage higher education spending that shows how each department is tracking against budget.

University-wide spending in one place

Managing and tracking spending across departments is tough. You’ll certainly know the pain of staff reimbursements, corporate credit cards and petty cash. There is a huge cost to this lack of transparency:

Overspending

Departments run over budget because they can’t track their spending, so you have to pick up the pieces (and the tab…) with short-notice budget reallocations.

Bad accounting practices

Accountants chase their tails – and get nowhere – when trying to track the flow of money in and out of departments.

Crushing admin

Reconciling predicted spending with actual spending takes days out of every month, tying up your team with time-consuming, manual work.

Teaching costs outside of staffing can account for 18% of university spending

Higher Education spending can quickly add up. From facilities managers buying cleaning supplies and IT purchasing software, to reimbursement claims from international conference travel.

Download the Untangling Spending eBook to learn how to reduce overspending and increase spend transparency.

Download the eBook

Introducing a smarter way to pay

Soldo is a variable spend management platform that ties the means to spend – Mastercard® cards – with a system that tracks departmental spend in real-time. Key features include:

A multi-user spending account 

So you can track and manage spending across departments, all in one place. 

Prepaid cards

Physical or virtual cards so staff can make payments whenever and however they need to.

A cloud-based administration console

So you can track and manage everything – in real-time, any time.

A mobile app

So users can track and report spending on the go, in ways that suit them.

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Loved by universities just like yours

Our old system of corporate credit cards was so time-consuming for staff that it meant we had to wait a long time for spending information. With Soldo we get data much quicker. Every time they spend people just submit it with the app, using our pre-set codes. Their job is done and dusted, so we can get on with ours.

Mark Taylor
Director of Finance and Resources at Plymouth College of Art

Here’s how Soldo works

Deposit

Funds go into dedicated sub-accounts for each department, budget or member of staff (whichever works for you). And, deposits are free.

Buy

Each department or type of spend gets a virtual Mastercard® card – which is immediately ready to spend.

Track & report

Transactions flow into the web console, where you can track expenditure in real-time, and act before departments exceed their budgets.

Be proactive with fresh data

Soldo isn’t just about problem solving – with access to real-time spend data, you’ll be able to do things you could never do before, like:

  • Contrast year-on-year spending
  • Compare spending by department
  • Combat fraud
  • Explore spending by category
  • Track individual spending

Say hello to smarter departmental spending

  1. No more overspending – act before departments go over budget
  2. No more bad accounting practices – track and process expenditure in real-time
  3. Far less admin – no need for time-consuming reconciliations
  4. Greater transparency – be confident that spending stands up to scrutiny

This is an all-new way to manage departmental spending. An approach that’s better for your staff, your organisation and the students you serve.

Want to know how Soldo can work for your university? Complete this form and a member of our team will be in touch to arrange a demonstration.

Higher Education